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  Business   Economy  04 Oct 2018  Govt determined to contain IL&FS crisis to avoid any adverse impact: Jaitley

Govt determined to contain IL&FS crisis to avoid any adverse impact: Jaitley

PTI
Published : Oct 4, 2018, 7:10 pm IST
Updated : Oct 4, 2018, 7:10 pm IST

The government earlier this week superseded the board of IL&FS.

Finance Minister Arun Jaitley on Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact. (Photo: PTI)
 Finance Minister Arun Jaitley on Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact. (Photo: PTI)

New Delhi: Finance Minister Arun Jaitley on Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact.

The government earlier this week superseded the board of IL&FS, which has a debt burden of Rs 91,000 crore and has defaulted on series of loan repayments. The crisis at the IL&FS has triggered concerns of liquidity squeeze in the NBFCs and mutual funds. The government has put in place a new board led by eminent banker Uday Kotak. The new board held its first meeting on Thursday.

 

"The government is determined to make sure that since this is an internal factor to India this should be contained quickly so that no adverse impact of it is left," Jaitley told reporters here. He said there has been a "significant impact" on the markets in last few days on account of the contagion effect that took place on account of uncertainties over IL&FS.

"The government has taken a decisive step in that regard, replaced the board and of course under the new board now it would take various decisions," he said.

Tags: finance minister, arun jaitley, il&fs, debt burden, nbfc
Location: India, Delhi, New Delhi